Fernando Scornik Gerstein: The Spanish depression. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Ivo Pezzuto on the EU integration Process: "More Catalonias to Come. Spain a ...Dr. Ivo Pezzuto
It is a system that rewards the most competitive countries such The Eurozone is an economic area and its closer integration rewards the stronger and more competitive economies while it penalizes the weaker ones without mechanism of stronger integration, risk sharing, social cohesion, fiscal transfer, and the effective implementation of structural reforms to boost the weaker countries level of productivity and competitiveness.
The 2008–2014 Spanish financial crisis began as part of the world Late-2000s financial crisis and continued as part of the European sovereign debt crisis. In Spain, the crisis was generated by long-term loans, the building market crash, which included the bankruptcy of major companies, and a particularly severe increase in unemployment, which rose to 29.16% by April 2013. - Wikipedia
The document discusses the economic troubles facing Spain and the risk that the country's economy could end up in worse shape than the legendary "Rosario De L'Aurora" procession from which the Spanish phrase "to end up like the Rosario De L'Aurora" comes. It notes that Spain is stuck in a long depression, with credit, housing, and employment/unemployment being interconnected problems trapping the country in a downward cycle. Unless bold actions are taken to simultaneously boost jobs, credit, and housing, Spain risks remaining mired in economic troubles for years.
Rajoy: The one who dares to pass judgment on Venezuela rubèn ramos
In a raid dubbed "Operation Punic" Spain's Civil Guard on Monday arrested former secretary general of the Popular Party (PP), which currently governs the country under the leadership of Mariano Rajoy, who is also chairman of the party.
The National Guard has also arrested six mayors. Four of these PP, one of the self-styled socialist party (PSOE) and other so-called Democratic Union Madrileña (UDMA). All members of a network of corruption this time reaches 51 top political leaders, the executive and the regional and provincial governments of Spain. Same mob, whose aftershocks have them in Mexico, Colombia, Peru, Paraguay, inheritance and scourge of Spanish colonialism.
The document summarizes the economic crisis in Spain from 2007-2008. It describes how Spain experienced a housing bubble fueled by easy credit and low interest rates. When the US credit crisis hit in 2008, it spread globally and banks stopped lending, causing the Spanish economy to contract severely. The real estate, financial, and employment sectors all suffered greatly. Unemployment rose to over 20% and the crisis is estimated to have lasted around 5 years as Spain worked to recover from the bursting of its major housing bubble.
Spain and Italy were both significantly impacted by the 2008 eurozone crisis. Spain experienced a recession from 2008-2010 due to a housing market crash and high unemployment. Italy has the third largest economy but also holds the largest public debt in the eurozone. Both countries faced issues like high youth unemployment, weak governance, and economic divisions between northern and southern regions that were exacerbated by the crisis. Spain received a €100 billion bailout, while Italy approved a €3.9 billion loan to bailout Monte dei Paschi, its oldest bank.
The document discusses economic indicators and statistics for Finland, Poland, Spain, and Germany. It provides data on unemployment rates, GDP per capita from 2011-2013, HDI index rankings from 2014, consumer price indexes, and examples of food prices in each country. Unemployment rates in 2014 ranged from 4.5% in Germany to 25.4% in Spain. Finland had the highest GDP per capita at 37,100 euros while Poland had the lowest at 10,300 euros. Germany ranked the highest on the HDI index at 6 while Poland ranked lowest at 35.
Research Paper on the Economic Impact of the Catolonia CrisisMadlin Deignan
As a part of my Honors MacroEconomics class, we were tasked with researching an idea of our interest in the macro economic environment. With my interest in Spanish language and culture, and intent on studying abroad in Spain, I chose to do my research paper on the Catalonia Crisis, in the midst of its most severe period in time, back in the Spring of 2018. It's interesting looking back on my thoughts then and knowing how the climate has changed over the year.
Ivo Pezzuto on the EU integration Process: "More Catalonias to Come. Spain a ...Dr. Ivo Pezzuto
It is a system that rewards the most competitive countries such The Eurozone is an economic area and its closer integration rewards the stronger and more competitive economies while it penalizes the weaker ones without mechanism of stronger integration, risk sharing, social cohesion, fiscal transfer, and the effective implementation of structural reforms to boost the weaker countries level of productivity and competitiveness.
The 2008–2014 Spanish financial crisis began as part of the world Late-2000s financial crisis and continued as part of the European sovereign debt crisis. In Spain, the crisis was generated by long-term loans, the building market crash, which included the bankruptcy of major companies, and a particularly severe increase in unemployment, which rose to 29.16% by April 2013. - Wikipedia
The document discusses the economic troubles facing Spain and the risk that the country's economy could end up in worse shape than the legendary "Rosario De L'Aurora" procession from which the Spanish phrase "to end up like the Rosario De L'Aurora" comes. It notes that Spain is stuck in a long depression, with credit, housing, and employment/unemployment being interconnected problems trapping the country in a downward cycle. Unless bold actions are taken to simultaneously boost jobs, credit, and housing, Spain risks remaining mired in economic troubles for years.
Rajoy: The one who dares to pass judgment on Venezuela rubèn ramos
In a raid dubbed "Operation Punic" Spain's Civil Guard on Monday arrested former secretary general of the Popular Party (PP), which currently governs the country under the leadership of Mariano Rajoy, who is also chairman of the party.
The National Guard has also arrested six mayors. Four of these PP, one of the self-styled socialist party (PSOE) and other so-called Democratic Union Madrileña (UDMA). All members of a network of corruption this time reaches 51 top political leaders, the executive and the regional and provincial governments of Spain. Same mob, whose aftershocks have them in Mexico, Colombia, Peru, Paraguay, inheritance and scourge of Spanish colonialism.
The document summarizes the economic crisis in Spain from 2007-2008. It describes how Spain experienced a housing bubble fueled by easy credit and low interest rates. When the US credit crisis hit in 2008, it spread globally and banks stopped lending, causing the Spanish economy to contract severely. The real estate, financial, and employment sectors all suffered greatly. Unemployment rose to over 20% and the crisis is estimated to have lasted around 5 years as Spain worked to recover from the bursting of its major housing bubble.
Spain and Italy were both significantly impacted by the 2008 eurozone crisis. Spain experienced a recession from 2008-2010 due to a housing market crash and high unemployment. Italy has the third largest economy but also holds the largest public debt in the eurozone. Both countries faced issues like high youth unemployment, weak governance, and economic divisions between northern and southern regions that were exacerbated by the crisis. Spain received a €100 billion bailout, while Italy approved a €3.9 billion loan to bailout Monte dei Paschi, its oldest bank.
The document discusses economic indicators and statistics for Finland, Poland, Spain, and Germany. It provides data on unemployment rates, GDP per capita from 2011-2013, HDI index rankings from 2014, consumer price indexes, and examples of food prices in each country. Unemployment rates in 2014 ranged from 4.5% in Germany to 25.4% in Spain. Finland had the highest GDP per capita at 37,100 euros while Poland had the lowest at 10,300 euros. Germany ranked the highest on the HDI index at 6 while Poland ranked lowest at 35.
Research Paper on the Economic Impact of the Catolonia CrisisMadlin Deignan
As a part of my Honors MacroEconomics class, we were tasked with researching an idea of our interest in the macro economic environment. With my interest in Spanish language and culture, and intent on studying abroad in Spain, I chose to do my research paper on the Catalonia Crisis, in the midst of its most severe period in time, back in the Spring of 2018. It's interesting looking back on my thoughts then and knowing how the climate has changed over the year.
Emer O’Siochru: Land Value Tax in Ireland: Recent Failure and Future ProspectsMoral Economy
Emer O’Siochru: Land Value Tax in Ireland: Recent Failure and Future Prospects. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Dr Tony Vickers: Transport Infrastructure Funding and Value Maps for Land Man...Moral Economy
Dr Tony Vickers: Transport Infrastructure Funding and Value Maps for Land Management. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Luka Bulus Achi: Access to land and security to land tenure in NigeriaMoral Economy
Luka Bulus Achi: Access to land and security to land tenure in Nigeria. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
This document discusses the causes and cures of inequality. It argues that inequality arises from the private ownership of natural resources and location value created by the community. It proposes that collecting the annual location value of land through land value taxation would reduce rents, free up land for use, remove the downward pressure on wages, and ensure future generations can afford housing. This reform would address issues with interest, rent, taxation and money supply that stem from the accumulation of wealth generated by others' work.
Prof. Molly Scott Cato: Economics for Justice and SustainabilityMoral Economy
Prof. Molly Scott Cato: Economics for Justice and Sustainability. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Greg McGill: The effects of taxation on land use town planningMoral Economy
Greg McGill: The effects of taxation on land use town planning. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Alanna Hartzok: The Alaska Permanent Fund: room for improvement?Moral Economy
Alanna Hartzok: The Alaska Permanent Fund: room for improvement? A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Adam Parsons: Sharing the Commons: Wealth, Power and Natural Resources Moral Economy
Adam Parsons: Sharing the Commons: Wealth, Power and Natural Resources. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
This document discusses the relationship between socialists and the concept of land value taxation (LVT). It argues that while some Georgists have criticized socialism, socialists' goals of full employment, common ownership of land wealth, and a fairer society are well-aligned with LVT. The document notes that Henry George worked with trade unionists and that socialists like Marx supported the idea of abolishing private property in land. It concludes by asking whether Georgists want socialists and allies to advocate for LVT, as their objectives could be advanced through this policy.
Chris Williams: Ownership Models for Natural Resources: FisheriesMoral Economy
Chris Williams: Ownership Models for Natural Resources: Fisheries. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Quisia Gonzalez: Healing for Cultural Survival by Introducing the Ideas of He...Moral Economy
Quisia Gonzalez: Healing for Cultural Survival by Introducing the Ideas of Henry George to Indigenous People of Honduras. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Nicolaus Tideman: Resolving the Apparent Conflict between Land as Our Common ...Moral Economy
Nicolaus Tideman: Resolving the Apparent Conflict between Land as Our Common Heritage and Land as Private Property. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Antony V. Trowbridge: African Progress from Poverty: New Rural Towns with E-v...Moral Economy
Antony V. Trowbridge: African Progress from Poverty: New Rural Towns with E-villages. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Amir Taha: The future of the Egyptian economyMoral Economy
Amir Taha: The future of the Egyptian economy. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Bill Blatts: Auction Charges for Airport Landing SlotsMoral Economy
Bill Blatts: Auction Charges for Airport Landing Slots. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
The economic crisis in Spain has multiple interconnected causes and severe impacts:
- The crisis was caused by the global financial crisis of 2007-2008 and the collapse of Spain's housing market. This led to issues like high unemployment, rising debt levels, and a recession.
- Spain has been hit harder than Greece, as Spain has a larger economy and its potential default could destabilize the entire eurozone. The EU may need to provide Spain with a bailout package in the hundreds of billions.
- The impacts include high unemployment (over 20%), reduced GDP, higher debt levels, unsold properties, and social unrest with unions calling for strikes. Spain faces a difficult recovery even with international support.
Spain is facing a severe unemployment crisis and political turmoil. The unemployment rate has risen to over 21.4% and the economy has suffered greatly. Prime Minister Jose Zapatero will not seek a third term and new leaders may enact new policies and laws as well as alter foreign relations as Spain may require a bailout similar to Greece. This situation in Spain is important to monitor as many countries, including the US, are also experiencing economic recession and high unemployment.
Study of Spain Global Crisis and Austeriity MeasureErick Prajogo
Spain experienced a strong economic growth fueled by a booming real estate sector in the 2000s. However, the global financial crisis that began in 2008 severely impacted Spain's economy, with the real estate sector collapsing and unemployment rising to 20%. The Spanish government implemented fiscal austerity measures and bank bailouts to address the crisis. While these steps helped reduce the budget deficit, unemployment remained high. A slow recovery is underway, supported by growth in tourism, but Spain still faces challenges in regaining investor confidence and reducing unemployment.
ATHENS - EU COST ACTION: PAST, PRESENT AND FUTURE OF SPANISH HOUSING POLICIES...Javier Buron Cuadrado
Spanish and Basque housing public policies have shifted from promoting growth and homeownership to needing public intervention and nonprofit collaboration due to the housing crisis. Historically, policies focused on tax deductions and aids to promote property access rather than ensuring adequate, affordable housing. This led to overproduction, severe land consumption, socioeconomic inaccessibility, high household debt and leverage, unemployment, an imposed ownership culture, and systemic economic risk. The financial system received huge public bailouts but has done little to address the hundreds of thousands of forced evictions or convert vacant housing to affordable rentals. Recent laws aim to help some over-mortgaged families but exclude many still struggling.
Catalonia Through the Eyes of the International Media (IT InTransit #12)Miqui Mel
This article summarizes an editorial about how Catalonia has gained significant attention from the international media in recent months. It discusses how Catalonia went from rarely being mentioned to making front pages of influential newspapers. The massive pro-independence demonstration on September 11, 2012 was a turning point that international journalists took notice of. In the following months, dozens of foreign correspondents reported from Catalonia, providing a more balanced perspective on the situation compared to Spanish media. As a result, more international coverage has been published on Catalonia in the past three months than the past three decades. The strong opposition from Madrid has also kept the issue in the headlines.
20 popular fallacies concerning the debt crisisPim Piepers
The document summarizes 20 popular misconceptions about the Greek debt crisis. It provides facts and context to counter each claim. Some of the key false narratives addressed include that Greeks are lazy, corrupt, live beyond their means, or have overly generous pensions. In reality, Greeks work long hours at wages below the Eurozone average. The crisis stemmed more from high interest rates imposed by financial speculators than any flaws in Greek society or economy.
Emer O’Siochru: Land Value Tax in Ireland: Recent Failure and Future ProspectsMoral Economy
Emer O’Siochru: Land Value Tax in Ireland: Recent Failure and Future Prospects. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Dr Tony Vickers: Transport Infrastructure Funding and Value Maps for Land Man...Moral Economy
Dr Tony Vickers: Transport Infrastructure Funding and Value Maps for Land Management. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Luka Bulus Achi: Access to land and security to land tenure in NigeriaMoral Economy
Luka Bulus Achi: Access to land and security to land tenure in Nigeria. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
This document discusses the causes and cures of inequality. It argues that inequality arises from the private ownership of natural resources and location value created by the community. It proposes that collecting the annual location value of land through land value taxation would reduce rents, free up land for use, remove the downward pressure on wages, and ensure future generations can afford housing. This reform would address issues with interest, rent, taxation and money supply that stem from the accumulation of wealth generated by others' work.
Prof. Molly Scott Cato: Economics for Justice and SustainabilityMoral Economy
Prof. Molly Scott Cato: Economics for Justice and Sustainability. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Greg McGill: The effects of taxation on land use town planningMoral Economy
Greg McGill: The effects of taxation on land use town planning. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Alanna Hartzok: The Alaska Permanent Fund: room for improvement?Moral Economy
Alanna Hartzok: The Alaska Permanent Fund: room for improvement? A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Adam Parsons: Sharing the Commons: Wealth, Power and Natural Resources Moral Economy
Adam Parsons: Sharing the Commons: Wealth, Power and Natural Resources. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
This document discusses the relationship between socialists and the concept of land value taxation (LVT). It argues that while some Georgists have criticized socialism, socialists' goals of full employment, common ownership of land wealth, and a fairer society are well-aligned with LVT. The document notes that Henry George worked with trade unionists and that socialists like Marx supported the idea of abolishing private property in land. It concludes by asking whether Georgists want socialists and allies to advocate for LVT, as their objectives could be advanced through this policy.
Chris Williams: Ownership Models for Natural Resources: FisheriesMoral Economy
Chris Williams: Ownership Models for Natural Resources: Fisheries. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Quisia Gonzalez: Healing for Cultural Survival by Introducing the Ideas of He...Moral Economy
Quisia Gonzalez: Healing for Cultural Survival by Introducing the Ideas of Henry George to Indigenous People of Honduras. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Nicolaus Tideman: Resolving the Apparent Conflict between Land as Our Common ...Moral Economy
Nicolaus Tideman: Resolving the Apparent Conflict between Land as Our Common Heritage and Land as Private Property. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Antony V. Trowbridge: African Progress from Poverty: New Rural Towns with E-v...Moral Economy
Antony V. Trowbridge: African Progress from Poverty: New Rural Towns with E-villages. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Amir Taha: The future of the Egyptian economyMoral Economy
Amir Taha: The future of the Egyptian economy. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
Bill Blatts: Auction Charges for Airport Landing SlotsMoral Economy
Bill Blatts: Auction Charges for Airport Landing Slots. A presentation at the TheIU.org 2013 Conference 'Economics for Conscious Evolution', London, UK, July 2013.
The economic crisis in Spain has multiple interconnected causes and severe impacts:
- The crisis was caused by the global financial crisis of 2007-2008 and the collapse of Spain's housing market. This led to issues like high unemployment, rising debt levels, and a recession.
- Spain has been hit harder than Greece, as Spain has a larger economy and its potential default could destabilize the entire eurozone. The EU may need to provide Spain with a bailout package in the hundreds of billions.
- The impacts include high unemployment (over 20%), reduced GDP, higher debt levels, unsold properties, and social unrest with unions calling for strikes. Spain faces a difficult recovery even with international support.
Spain is facing a severe unemployment crisis and political turmoil. The unemployment rate has risen to over 21.4% and the economy has suffered greatly. Prime Minister Jose Zapatero will not seek a third term and new leaders may enact new policies and laws as well as alter foreign relations as Spain may require a bailout similar to Greece. This situation in Spain is important to monitor as many countries, including the US, are also experiencing economic recession and high unemployment.
Study of Spain Global Crisis and Austeriity MeasureErick Prajogo
Spain experienced a strong economic growth fueled by a booming real estate sector in the 2000s. However, the global financial crisis that began in 2008 severely impacted Spain's economy, with the real estate sector collapsing and unemployment rising to 20%. The Spanish government implemented fiscal austerity measures and bank bailouts to address the crisis. While these steps helped reduce the budget deficit, unemployment remained high. A slow recovery is underway, supported by growth in tourism, but Spain still faces challenges in regaining investor confidence and reducing unemployment.
ATHENS - EU COST ACTION: PAST, PRESENT AND FUTURE OF SPANISH HOUSING POLICIES...Javier Buron Cuadrado
Spanish and Basque housing public policies have shifted from promoting growth and homeownership to needing public intervention and nonprofit collaboration due to the housing crisis. Historically, policies focused on tax deductions and aids to promote property access rather than ensuring adequate, affordable housing. This led to overproduction, severe land consumption, socioeconomic inaccessibility, high household debt and leverage, unemployment, an imposed ownership culture, and systemic economic risk. The financial system received huge public bailouts but has done little to address the hundreds of thousands of forced evictions or convert vacant housing to affordable rentals. Recent laws aim to help some over-mortgaged families but exclude many still struggling.
Catalonia Through the Eyes of the International Media (IT InTransit #12)Miqui Mel
This article summarizes an editorial about how Catalonia has gained significant attention from the international media in recent months. It discusses how Catalonia went from rarely being mentioned to making front pages of influential newspapers. The massive pro-independence demonstration on September 11, 2012 was a turning point that international journalists took notice of. In the following months, dozens of foreign correspondents reported from Catalonia, providing a more balanced perspective on the situation compared to Spanish media. As a result, more international coverage has been published on Catalonia in the past three months than the past three decades. The strong opposition from Madrid has also kept the issue in the headlines.
20 popular fallacies concerning the debt crisisPim Piepers
The document summarizes 20 popular misconceptions about the Greek debt crisis. It provides facts and context to counter each claim. Some of the key false narratives addressed include that Greeks are lazy, corrupt, live beyond their means, or have overly generous pensions. In reality, Greeks work long hours at wages below the Eurozone average. The crisis stemmed more from high interest rates imposed by financial speculators than any flaws in Greek society or economy.
20 popular fallacies concerning the debt crisisPim Piepers
The document summarizes 20 popular misconceptions about the Greek debt crisis. It provides facts and context to counter each claim. Some of the key false narratives addressed include that Greeks are lazy, corrupt, live above their means, or have oversized government. In reality, Greeks work long hours at lower wages than Germans. The crisis stemmed more from high interest rates imposed by financial speculators than any flaws in Greek society or economy.
This document provides background information on housing and evictions in Spain. It discusses the major laws that have shaped the real estate market from 1956 onwards, including the Ley del Suelo y Ordenación Urbana of 1956. It then describes the housing bubble of the 2000s, the causes including easy credit, and the consequences like many foreclosures during the financial crisis. Empirical analysis is presented on eviction data and alternatives to foreclosure like debt restructuring are explored. The motivation for focusing on this issue is the importance of the right to housing and the tough impact of evictions on households.
2016: A good year to invest in Spanish property?Simon Birch
Since the economic downturn of 2008, property prices in Spain have fallen around 30%.2016 looks set to be the year that the Spanish property market finally ‘bottoms’ out and sees a 2% rise according to the rating agency Standard and Poors. Central to this recovery, will be Spain's continuing robust economic recovery into 2017, which is seeing steady improvements in the countries desperate unemployment levels and rising middle-class household income.
This document summarizes and analyzes the debate around fiscal responsibility and debt in European countries. It argues that the narrative of "frugal" northern countries versus "lax" southern countries is misleading. While southern countries have higher government debt levels, northern countries have higher household debt levels. It also examines the economic roots of imbalances in the Eurozone, such as differences in industrial complexity between core and periphery countries. The document argues for further European integration and fiscal burden sharing to address these imbalances and ensure the long-term survival of the Eurozone.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became impoverished by the early 21st century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic decline.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.
In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.
This document discusses migration patterns in Spain. It notes that Spain has experienced both significant immigration and emigration in recent decades. During the Franco regime, many Spaniards moved from rural to urban areas. More recently, Spain saw large increases in migrants from Latin America and Eastern Europe who filled jobs in agriculture and services. However, since the 2008 financial crisis, many Spanish citizens and migrants have left Spain due to high unemployment. At the same time, Spain struggles with large numbers of refugees and illegal immigrants entering from Africa, though it has taken steps like border fences to reduce flows. Overall, migration remains an ongoing challenge for Spain's population and economy.
The document discusses the ongoing debt crisis in the West. It describes how the US transitioned to a fiat currency in the 1970s and was able to accumulate large amounts of debt as other countries invested in the US to maintain economic demand. This capital outflow has caused stagnation in the EU. The debt crisis began with the 2008 financial crisis and Greece's debt problems threatened the EU's existence. Austerity policies have failed to solve the crisis as they slow economic growth and do not address the underlying lack of competitiveness and capital outflows from the EU to the US. Disintegration of the EU was also proposed but not described as a viable solution.
Similar to Fernando Scornik Gerstein: The spanish depression (20)
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
Acolyte Episodes review (TV series) The Acolyte. Learn about the influence of the program on the Star Wars world, as well as new characters and story twists.
Essential Tools for Modern PR Business .pptxPragencyuk
Discover the essential tools and strategies for modern PR business success. Learn how to craft compelling news releases, leverage press release sites and news wires, stay updated with PR news, and integrate effective PR practices to enhance your brand's visibility and credibility. Elevate your PR efforts with our comprehensive guide.
El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
1. THE SPANISH DEPRESSION
By Fernando Scornik Gerstein
The Spanish Government and the Spanish Political Parties talk about what
they call the Spanish recession. Actually, they like to say that we had a first
recession soon after the fall of Lehman Brothers in 2008/09 and a second
recession last year that is in 2012. The Government is now saying that this second
recession is coming to an end. That there are signs of recovery in the Economy. In
this the Political Parties of the opposition totally disagree. For the opposition we
are still in a recession and the signs of recovery only exist in the mind of the
Government officials.
As the Minister of Economy said there are indications of what he calls
“green sprouts”, the opposition leaders play jokes saying that it must be in his
private garden and nowhere else.
But let’s look to the Spanish reality: we have almost 6 millions jobless
people. A rate of 26% of the labour force! The rate for young people is of a 52% of
jobless young men and women. Only Greece exceeds this rate of 52%. The
unemployment in Spain is one of the largest in the world and certainly the largest
in the developed countries. The prognosis of the IMF differs also from that of the
Spanish Government. According to the IMF the fall on the GPD will continue and
unemployment rate will reach the 28% already in 2014. There are about 1 million
families with all its members’ jobless, living on charity and eating in the Public
places opened mainly by the Church, with long cues at the doors.
There are at least several hundred thousand families, living on the
miserable dole of one of its members.
The streets of Madrid, Barcelona and other important cities are full of
beggars and people sleeping in the streets. In the small rooms of the Banks open by
night to take money with credit cards you may find not one, but 2 or 3 people
sleeping. Nobody told me this. I have seen it. The GPD has been falling slowly but in
a persistent way. The confidence of the markets in the Spanish Economy is the
lowest in recent Spanish History and the Government that needs desperately to
borrow has to pay interest rates always near to the 5%. The Central Government
and the Autonomous Communities delays payments of purveyors for up to 5 or 6
months… when they pay at all!
Salaries have gone down and in spite of that is quite usual that companies
delay payment to his workers for 2 or 3 months. As you may imagine unemployed
people have in thousand of cases not been able to pay the mortgages on their
homes. Daily evictions and repossessions are to be seen all over Spain. Many
people committed suicide when facing the eviction; others had to be drag out of
their homes by the police. The situation is so stressing that many locksmith called
to change the locks of evicted houses declined to do it. The Police unions declare
that many policemen need psychological support to obey their orders.
2. There is no bank credit for small and medium size companies. Credit has
absolutely disappeared and as a consequence shops and small business are closing
daily and for good. The Banks, even those nationalized, use the money they receive
at 1% or half per cent interest from the European Central Bank not to give credit to
companies or individuals, but to buy Spanish State bonds with a premium of 4 and
half or 5% interest.
The Government has no authority over the Banks, who, of course, give
generous credits to the politicians. The Government has raised taxes, relying
heavily on an increased VAT. As a consequence of the bankruptcy of Real Estate
and construction companies, as well as the evictions there are now in Spain more
than 800.000 empty flats and houses, mainly in the hands of the banks that people
do not have means to rent or, even less, to buy.
Now I put forward this question: is this a recession? The answer is NO. This
is not a recession it is a painful and long DEPRESSION. How it is possible that the
4th largest economy in Europe has come to this disastrous situation?
The answer is there for those that really wish to see it: the Spanish
depression has been originated by land speculation. The price of property has
increased approximately 1000% since 1980 up to the begging of the crisis. The
National Rent available at market prices per inhabitant increased since 1980 up to
the begging of the crisis a 350%, that means that incomes increased 3,5 times
whilst the price of property increased 10 times.
Property became unaffordable, but the banks with the usual “generosity”,
gave 30 or 40 years mortgages. You had to work all your life to own what you
should have at the beginning of your working life.
The Spanish politicians and the Spanish media talk constantly – and blame –
the situation to the “speculation with the brick”. Some, intentionally, do this to
confuse not to clarify. Others do the same not with intention, only with ignorance.
We know that the brick, the materials do not increase in value; they start to loose
value as soon as the building is finished. We know and it is obvious, that what
increases in price is not the material, but the land. It is a devastating land
speculation that has taken Spain to this disastrous situation. How? Because the
taxes on the rent of land and the taxes on the plus values are, in Spain,
insignificant. The politicians do not mention this (the media of the rate of property
tax in Spain is about 0, 60% of an assessed capital value that represents, at most,
50% or maximum 60% of the market value) and when they talk about solutions to
the “speculation with the brick” (as they call it) they say ridiculous things. It
happens what Henry George said in “A perplex Philosopher”: “That thought on
social questions is so confused and perplexed, that the aspirations of great bodies
of men, deeply though vaguely conscious of injustice, are in all civilised countries
being diverted to futile and dangerous remedies, is largely due to the fact that
those who assume and are credited with superior knowledge of social and
economic laws have devoted their powers, not to showing where the injustice lies
but to hiding it; not to clearing common thought but to confusing it”. In this way
the fallacy that the speculation is with the brick, passes as a truth.
3. Spain is an empty country. It has 93 inhabitants per square km; Germany
has 230, Holland 497, Belgium 365, Japan 337, the UK 260, Taiwan 645, Singapore
7.546, and Hong Kong 7.173. How it is possible that in an empty country like Spain
is more difficult to buy a home than in Singapore or Germany or Taiwan? The only
answer is because ALL THE ECONOMIC POLICY HAS BEEN DIRECTED NOT TO
PREVENT LAND SPECULATION, BUT TO FAVOUR IT.
IN BENEFIT OF WHOM: THE Banks, the monopolist capitals, the corrupted
politicians.
Because we all know, it is now public, that corruption in Spain has been
rampant and “black money” came in a 90% from land deals.
There were some attempts to correct the situation, but they failed. The main
one, that unfortunately backfired, was the law approved by the conservative
Government of Aznar, law Nº 6 of the 3rd April 1998. It declared that all land was
able to be urbanized, exception made of that expressly declared non apt for
urbanization. The theoretical intention was to bring more land to the market and
as consequence push the prices down. But the law passed many faculties to the
Autonomous Communities that left the process of urbanizing land in the hands of
the so called “Urbanizing Agents”. The role of these “Urbanizing Agents” fell into
the hands of the Banks and Speculative Capitals that instead of allowing the access
of land to the market, they restricted. Once in the hands of the “Agent” land
increased 10 or more times in value. In 2008 a socialist Government passed a new
law leaving only “rural” land and “urbanized land”, but again the urbanizing land
process was left in the hands of the “Urbanizing Agents”, normally the Banks and
monopolist capitals. The price of land increased exponentially and represented in
the final product (the house or flat) 50% or even 60% of the market price. Who
finance this? Of course, the Banks, originating a spiral that was bound to end in a
crash. And the crash came and Spain is facing the consequences. And what are the
ruling classes doing? Looking for a viable solution? Of course not! They are simply
waiting for a new spiral to start again. So that the whole process would be
repeated. This is the sad history of the origin of the Spanish depression. So, what
do we need? We need a new political thinking bringing to the political arena the
always valid ideas of Henry George – his most brilliant advocate – but also shared
although with different proposals (they advocate direct land nationalization) by
great economists as Herman – Henri Gossen and Leon Walras and in our days –
with differences which are not essential and that imply a return to George – by
Joseph Stiglitz: we have to make land common property by taxing to the maximum
the rent of land and natural resources.